Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of 40 Butler Road, a 34 unit brick apartment property located in Quincy, MA, according to Thomas Shihadeh, regional manager of the firm’s Boston office. The asset sold for $6,920,000.
Evan Griffith, First Vice President Investments, and Tony Pepdjonovic, First Vice President Investments, in Marcus & Millichap’s Boston office, had the exclusive listing to market the property on behalf of the seller and procured the buyer. “The Dorothy Q had been in the same family since the 1960’s” stated Pepdjonovic. “The property is an architectural gem and that charm coupled with its proximity to Downtown Quincy Center created quite the buzz during the marketing period” he added. The duo conducted over three dozen property tours and collected seven offers on the prized asset.
40 Butler Road is comprised of (30) one-bedroom units and (4) two-bedroom apartments and features off-street parking for approximately 20 vehicles. The area is rich in amenities and offers tenants a vibrant restaurant and retail scene. The property is located within walking distance to Quincy Center Station which provides Red Line, Commuter Rail, and public bus service throughout the Boston area and South Shore. “Butler Road offered an investor a rare opportunity to acquire a value-add multifamily which has largely not been improved since the sellers took ownership. The buyer plans to implement a comprehensive common area and interior renovation strategy that will result in higher-end rentals” detailed Griffith.
About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,726 transactions in 2019 with a value of approximately $50 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.
